Self assessment deadline
If you are required by HMRC to complete and file a self assessment you must be aware of the deadlines.
Failure to file on time will lead to late payment penalties and interest on any amounts owed!
In the UK, the tax year runs from April 6th of one year to April 5th of the following year. For the 2022/2023 tax year, this period began on April 6th 2022, and ended April 5th 2023. It is essential to keep track of your financial activities during this period for accurate reporting.
If you're filing a paper return, the deadline is October 31st following the end of the tax year, which means you must submit your self assessment for 2022/2023 by October 31st 2023. However, for online filing, you have a more extended deadline, which is January 31st 2024.
Any tax owed will also need to be paid before January 31st 2024.
Filing your self assessment early provides you with ample time to assess your tax liability accurately. It allows you to review your reportable income and capital gains or losses
Failing to file your self assessment on time can result in penalties and interest charges. The penalties start with an initial £100 fine, and additional charges accrue the longer you delay. Avoiding these penalties should be a strong motivator to ensure you file your self assessment well before the deadline.
If you know that you will have a tax liability for the 2022/2023 tax year, filing your self assessment early can help you plan your finances more effectively. This way, you can budget for the tax payment, whether it is due in January or another applicable time frame.
If your financial situation is complex, involving various income sources, investments, or a business, it is advisable to seek professional advice from an accountant or tax advisor. Starting early allows you to consult with professionals and ensure your self assessment is accurate and compliant with the tax laws.
To sum up, filing your self-assessment for the 2022/2023 UK tax year is a responsibility that should not be taken lightly. Starting the process early, well before the October 31st deadline for paper returns or the January 31st deadline for online filing, offers the following advantages:
- manage your finances.
- claim legitimate deductions.
- avoid penalties.
- reduce the stress associated with last-minute filing.
If you are having worries, do not hesitate to contact us at 01207 460 850